The recent fluctuations in the oil prices have intensified the discussion on the dynamics and causes of real oil price changes. While the long-run component of real oil prices seems to have a stochastic trend, global real economic activity has been thought to generate important changes in real...

Employing a state space model, we find for the United States economy that potential output growth rate can deviate from its steady state level for substantially long periods.

Ömürboyu gelir hipotezi mali politikaların Ricardo’cu denklik altında ömürboyu gelir üzerinde etkisi olmadığından hanehalkı tüketimini de etkileyemeyeceğini savunmaktadır. Ancak, Giavazzi ve Pagano (1990), Bertola ve Drazen (1993) ve Sutherland (1997)’ın mali stabilizasyon...